Epson Europe BV introduced a financial coaching benefit in order to support the financial wellbeing of its UK-based employees.
Epson views financial wellbeing as being an important part of employees’ total wellbeing. Working with consultancy, Secondsight, the organisation challenged how it could not only provide benefits, but also have a meaningful impact on the financial wellbeing of its employees. This mindset shift led to the implementation of one-to-one financial coaching, provided by Hatch.
Ethan Kelly-Wilson, senior HR manager at Epson, says: “There is a well-known link between financial stress and mental health, and when talking to our employees, it was clear they wanted more one-to-one support. Having their own financial coach gives employees the personalised support they need, without the expense associated with traditional financial advice. Hatch coaches are also familiar with our benefits offering and give guidance in key areas, like pension contributions or protection, that employees may not be taking full advantage of.”
The scheme combines the support of a financial coach with planning technology to help employees improve their future finances. Epson launched the service in September 2019 and more than 10% of its 500 UK-based employees have booked a free financial coaching session, with many more wanting to sign up in 2020’s benefits renewal cycle.
The free financial coaching sessions were held in Epson’s offices with additional sessions made available via phone for those who could not make a face-to-face appointment. Any employees who wanted a full financial plan and the ongoing support of their financial coach could then choose to sign up to a full year of the service.
Employees can pay for the subscription via a salary sacrifice arrangement, meaning that they will save on tax and national insurance.
Kelly-Wilson says: “Seeing your financial future presented in an straightforward way is really powerful; having a bite-sized action plan and ongoing coach support takes it to the next level. All the feedback from the team has been really positive.”